Indorama Acquires Rights to Eastman’s European Assets

12:51 PM MST | December 14, 2007 | RC

Indorama says it has obtained exclusive rights to acquire Eastman Chemical’s European polyethylene terephthalate (PET) assets. The acquisition would include Eastman’s assets at Rotterdam, Holland and Workington, U.K with a combined capacity of 340,000 tons/year of PTA and 350,000 tons/year of PET. The deal represents the last of Eastman’s PET assets outside the U.S., which account for about 1.9% of global supply, says Kevin McCarthy, analyst at Bank of America (New York). Eastman says it is selling its PET assets outside the U.S. in an...